MYRTLE BEACH, S.C. (WBTW) — As Myrtle Beach becomes a more popular vacation destination, the cost of living has certainly increased.

The current minimum wage in South Carolina is just $7.25, which is not even $1 above the poverty wage, according to the living wage calculator.

The president of the Coastal Carolinas Association of Realtors, Jamie Broadhurst, said Horry County is the fastest growing county in South Carolina.

Broadhurst said a lot of people from the north sold their houses and moved to the southeast in 2021 and 2022, primarily pandemic-driven.

He added that people love the beach and the communities here, whether that be from Little River to Pawleys Island. Since last year, he said we have had a 22% increase in price.

Broadhurst said this is not just because of the growing population but because inflation is up, which affects interest rates and there is also a short supply of properties on the marketplace.

While living in Horry County is great, Broadhurst said people do still struggle to live here, as well as everywhere.

“I don’t see prices going down, I don’t see a housing crash. There’s a lot of demands for homes, there’s lots of desire to own a home,” he said. “I think it’s a good moment right now, prices are stable. Prices are not necessarily going up right now, they’re not dropping, which is a good thing.”

Broadhurst said we might even see interest rates go up before the end of the year, but he is not sure how many times and how much.

Jackie LiBrizzi is a multimedia journalist at News13. Jackie is originally from Hamilton, New Jersey, and raised in Piedmont, South Carolina. Jackie joined the News13 team in June 2023 after she graduated as a student-athlete from the University of South Carolina in May 2023. Follow Jackie on Twitter, Facebook, or Instagram and read more of her work here.